SanDisk 2010 Annual Report Download - page 193

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conts here. Annual Report
SANDISK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Years Ended
January 2,
2011
January 3,
2010
December 28,
2008
(In thousands)
Cash flows from operating activities:
Net income (loss) ............................................... $ 1,300,142 $ 415,310 $ (1,986,624)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Deferred and other taxes ..................................... (172,327) (12,884) 146,141
Depreciation ............................................... 132,818 152,606 175,179
Amortization .............................................. 93,961 78,090 131,550
Provision for doubtful accounts ................................ (2,575) (719) 8,778
Share-based compensation expense ............................. 77,590 95,560 97,799
Excess tax benefit from share-based compensation ................ (29,626) — (1,938)
Impairments, restructuring and other ............................ (41,505) 4,293 1,146,407
Other non-operating ......................................... 41,054 (2,757) 19,856
Changes in operating assets and liabilities:
Accounts receivable from product revenues .................. (132,479) (111,597) 332,113
Inventory ............................................. 84,314 (13,485) (42,969)
Other assets ........................................... (127,629) 324,981 (320,593)
Accounts payable trade .................................. 38,957 (106,634) (48,727)
Accounts payable to related parties ......................... 59,653 (187,915) 215,563
Other liabilities ......................................... 129,544 (146,995) 215,189
Total adjustments ................................... 151,750 72,544 2,074,348
Net cash provided by operating activities ........................ 1,451,892 487,854 87,724
Cash flows from investing activities:
Purchases of short and long-term marketable securities ................. (5,803,438) (1,668,978) (1,986,338)
Proceeds from sales of short and long-term marketable securities ......... 2,771,840 1,137,734 1,697,052
Proceeds from maturities of short and long-term marketable securities ..... 407,001 205,874 744,322
Proceeds from sales of property and equipment ....................... — — 39,680
Acquisition of property and equipment .............................. (108,142) (59,733) (184,033)
Investment in Flash Partners Ltd. and Flash Alliance Ltd. ............... — — (96,705)
Distribution from FlashVision Ltd. ................................. 122 12,713 102,530
Notes receivable proceeds, Flash Partners Ltd. and Flash Alliance Ltd. .... 59,664 387,278 —
Notes receivable proceeds, Tower Semiconductor Ltd. ................. — — 3,125
Notes receivable issuance, Flash Partners Ltd. and Flash Alliance Ltd. ..... (59,880) (377,923) (287,488)
Purchased technology and other assets .............................. 473 (11,790) 1,786
Proceeds from sale of assets ....................................... 17,767 — —
Acquisition of MusicGremlin, Inc. ................................. — — (4,604)
Net cash provided by (used in) investing activities ................. (2,714,593) (374,825) 29,327
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs . . . 982,500 — —
Purchase of convertible bond hedge ................................ (292,900) — —
Proceeds from sale of warrants .................................... 188,100 — —
Proceeds from employee stock programs ............................ 152,843 20,878 19,701
Repayment of debt financing ...................................... (75,000) — (9,785)
Distribution to non-controlling interests, net .......................... — — (916)
Excess tax benefit from share-based compensation .................... 29,626 — 1,938
Net cash provided by financing activities ........................ 985,169 20,878 10,938
Effect of changes in foreign currency exchange rates on cash ................ 6,317 4,396 323
Net increase (decrease) in cash and cash equivalents ....................... (271,215) 138,303 128,312
Cash and cash equivalents at beginning of the year ........................ 1,100,364 962,061 833,749
Cash and cash equivalents at end of the year ............................. $ 829,149 $ 1,100,364 $ 962,061
Supplemental disclosure of cash flow information:
Cash refunded (paid) for income taxes .............................. $ (338,328) $ 123,977 $ (129,141)
Cash paid for interest expense ..................................... $ (12,323) $ (13,001) $ (12,386)
The accompanying notes are an integral part of these consolidated financial statements.
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